I subscribe to the calendars of my team members, but if I invite all of them to a meeting, my calendar fills up with entries for each of them.
Unfortunately, Google never added this capability to it's "calendar" (classic version as of fall 2017); however, there is a Google Chrome plugin that partially accomplishes this.
Event Merge for Google Calendar™ works when viewing via Google Chrome browser on desktop or laptop. It does not actually remove the event from each separate calendar that you may be viewing/following. Nor does this apply to the calendar view built into an Android or iOS device.
Otherwise, refer to https://productforums.google.com/forum/#!msg/calendar/bOSfyMmWIRc/2iDR10NvBhoJ for a history of the request for this feature with Google product support.